Regional economy in Wales
four regional economic boards in Wales
Regional economy in Wales is centred on four regional economic boards in Wales. Each board oversees a city or growth deal, signed between 2016 and 2022, lasting 10–15 years. Two of the deals are city deals signed and proposed by their respective economic boards, and their areas are described as "city regions"; the Cardiff Capital Region and Swansea Bay City Region. Whereas in North Wales, the North Wales Economic Ambition Board negotiated a North Wales growth deal signed in 2020, and in Mid Wales, the Growing Mid Wales Partnership, led negotiations for a Mid Wales growth deal signed in 2022. The programmes are based on the City deal and Growth deal initiatives set up by the Coalition UK Government in 2012, to promote the decentralisation of the UK economy, by stimulating local economic growth.
History
The initiative began under the Conservative-Liberal Democrat coalition, although no areas in Wales were included in either of the first two waves between 2012 and 2014 under the Coalition government. The initiatives have become one of the main tools for stimulating economic growth outside London to other major economic and urban centres.
UK Government budgets in spring 2015 and in 2016 announced the opening of negotiations with the Welsh Government and local partners for the Cardiff Capital Region and Swansea Bay city deals respectively, following the success of the initiative in England's urban centres.
The first Welsh city deal was signed for the Cardiff Capital Region on 15 March 2016 with the next deal for the Swansea Bay was signed on 20 March 2017.
The North Wales Economic Ambition Board published the "Growth Vision for the Economy of North Wales" in September 2016, setting out the regional plan for improving infrastructure, skills, employment, business growth and innovation.
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